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Oil Industry Joins The Fight Against Coronavirus

Oil Industry Joins The Fight Against Coronavirus

The coronavirus has forced businesses…

Small Oil Firm Reports Huge Alaska Oil Discovery

Small Oil Firm Reports Huge Alaska Oil Discovery

UK-based oil exploration firm Pantheon…

News

BP’s U.S. Refineries Cut Run Rates As Demand Crumbles

BP’s U.S. Refineries Cut Run Rates As Demand Crumbles

Apr 09, 2020 at 17:41 | Tsvetana Paraskova

Limited storage for refined products has forced BP to cut the refinery rates at its three largest refineries in the United States to 80-85 percent as fuel demand is crumbling…

Shale Giant Calls For Federal Help As Oil Prices Fail To Bounce Back

Shale Giant Calls For Federal Help As Oil Prices Fail To Bounce Back

Apr 09, 2020 at 16:04 | Tsvetana Paraskova

Occidental Petroleum is opposing a Texas-wide mandated production cut, but it is asking the U.S. Administration for federal financial assistance for the U.S. oil industry which can’t make any money…

Norway Warns Lower-For-Longer Prices Will Impact Its Oil Output

Norway Warns Lower-For-Longer Prices Will Impact Its Oil Output

Apr 09, 2020 at 13:49 | Tsvetana Paraskova

Oil production in Norway is being maintained despite the oil price crash and the coronavirus outbreak, but a prolonged period of low oil prices and already reduced exploration activity will…

JPMorgan To Dump Loans Of Gulf Oil Producers

JPMorgan To Dump Loans Of Gulf Oil Producers

Apr 09, 2020 at 12:19 | Tsvetana Paraskova

JPMorgan has recently tried to sell at a discount loans it holds of the sovereign wealth funds of the two major oil producers in the Gulf, Saudi Arabia and the…

Oil Company Asks for U.S. Royalty Relief Amid Price Collapse

Oil Company Asks for U.S. Royalty Relief Amid Price Collapse

Apr 09, 2020 at 10:44 | Irina Slav

An unnamed oil company active in the offshore segment of the industry has asked the Department of the Interior for royalty payment relief because of the oil price collapse, Reuters 

Trump Threatens To Cut $6 Million Salary Of Federal Utility Boss

Trump Threatens To Cut $6 Million Salary Of Federal Utility Boss

Apr 09, 2020 at 09:32 | Irina Slav

President Donald Trump wants to cut the salary of the president of the Tennessee Valley Authority—currently at $6 million—and will support such a cut as part of a huge infrastructure…

Canada’s Biggest Oil Driller Backs Global Production Cut

Canada’s Biggest Oil Driller Backs Global Production Cut

Apr 08, 2020 at 13:58 | Tsvetana Paraskova

Canada’s largest oil producer, Canadian Natural Resources, is ready to back a potential pledge by Canada’s federal government for a production cut if it is a fair broad-based approach, the…

Marathon Oil Slashes Capex Again As Prices And Demand Collapse

Marathon Oil Slashes Capex Again As Prices And Demand Collapse

Apr 08, 2020 at 12:41 | Tsvetana Paraskova

Marathon Oil slashed on Wednesday its 2020 capital spending budget for a second time in one month and announced frac holidays in the Bakken and Eagle Ford amid extremely weak commodity…

Russia: U.S. Shale Decline Can’t Count As ‘Output Cut’

Russia: U.S. Shale Decline Can’t Count As ‘Output Cut’

Apr 08, 2020 at 11:43 | Tsvetana Paraskova

Production declines across the U.S. shale patch as companies reduce drilling and spending cannot be viewed as a voluntary U.S. cut aimed at supporting oil prices, Vladimir Putin’s Press Secretary…

Canada’s Beleaguered Oil Firms See Funding Costs Soar

Canada’s Beleaguered Oil Firms See Funding Costs Soar

Apr 08, 2020 at 10:46 | Tsvetana Paraskova

One of Canada’s largest oil firms, Suncor Energy, has just announced the issue of new bonds, for which it had to pay triple the borrowing costs that it did for a…


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